Office of the Privacy Commissioner | Privacy Commissioner releases credit reporters’ assurance reports
Privacy Commissioner releases credit reporters’ assurance reports
Privacy Commissioner Marie Shroff today released the latest compliance assurance reports submitted to her office by the national credit reporting companies.
Under a requirement of the Credit Reporting Privacy Code, credit reporters must file assurance reports each year with the Office of the Privacy Commissioner. The companies must involve an independent expert in the process of preparing their reports.
"The reports were all submitted on time and in them the credit reporters identify no significant compliance problems," said Ms Shroff. "The reports provide each credit reporter with the opportunity to assure both me and the public that the vast amounts of credit information they accumulate on New Zealanders is accurate, secure, lawfully obtained and matched correctly."
"The obligation on credit reporters to submit annual compliance reports is one of several safeguards introduced to the credit reporting system, and forms part of a wider programme of compliance monitoring that we carry out to ensure that credit reporters are meeting their obligations. I'm making the reports public as a step towards holding the credit reporters accountable for handling the sensitive financial information of New Zealanders."
Ms Shroff also noted that the reports indicate only a limited uptake by the public of their right to freeze their credit reports if they believe they have been the subject of identity fraud, and seeks to remind people to use this tool to protect their credit rating in such circumstances.
View the reports:
ENDS
For further information contact: Charles Mabbett 021 509 735
Notes for editors: Clause 9 of the Credit Reporting Privacy Code requires credit reporters to submit an assurance report to the Privacy Commissioner annually. The assurance report must comply with Schedule 6 of the code, which sets out the process to be followed and the areas that must be covered. Amongst other things, the report must provide assurances relating to policies, procedures and controls to ensure compliance with the code and how these are monitored by the credit reporter. The code is available here. The reports must be submitted annually within three months of the end of the financial year. They must have been prepared with the involvement of an independent person, such as a trained auditor or privacy law expert.